How to make a PPI claim - hurry, there's a deadline due!

If you think that you've been missold Payment Protection Insurance (PPI) and you've been lazy with regards to sorting it out, you're going to have to get a wriggle on, because the Financial Conduct Authority is thinking about putting a deadline on the whole thing.

Now, you might think it is really difficult to make a claim, but it isn't. You can do it yourself and should in no way be paying someone to do it for you.

The people who say they'll do it for you will charge you a big ol' fee, and they'll add VAT to it. It really is a racket, but you can do it for yourself.

So, let us give you the low-down on how to sort out this PPI nonsense.

What The Bloody Hell Is PPI Anyway?

Basically, banks offered payment protection insurance, which were designed to protect your loans or credit cards or whatever. However, banks, loan companies and credit card firms missold them for high rates and, in some cases, customers were forced to have them without knowing about it. As a result, the establishments who did this have to pay compensation to those affected.

So, How Do I Find Out If I Was Missold Something?

Okay. If you're unemployed, self-employed, or retired or even had a medical problem that prevented you from working at the time you took out the policy, you're good to make a claim. Or, if you were told that the insurance was compulsory before you could be approved for credit, you're golden. Even if the PPI wasn't properly explained to you, you could be in with a shout of getting some cash.

When Do I Need To Make A Claim?

Do it now. Stop mucking about and get your claim done. Now the FCA is talking about a time limit on this, you need to pull your finger out. Also, if your policy was taken out longer than 6 years ago, you might have some bother, but that shouldn't stop you trying.

How Do I Make A Claim Exactly?

Get any paperwork you have. If you don't have it, never mind, we can still get a claim done - you will need to ask your lender for copies of your paperwork. Thanks to the Consumer Credit Act, you can legally ask your lender to sort you out with copies of paperwork. It'll cost you a quid to get them though.

If you can't remember which who you took loans out with, then get in touch with credit report agencies like Experian.

Once you've got all your details, you'll need to write to whoever you have your policy with. If you are not much a letter writer, worry not, as you can use the free templates for letters by clicking here. And if the company has gone belly-up, no matter, you can get in touch with the Financial Services Compensation Scheme people, by ringing 0800 678 1100 or clicking here.

Don't be thinking you'll get your money quickly though - there's a massive backlog on this, but your bank should tell you within 8 weeks of you getting in touch, whether you're successful with your claim or not. If you're unsuccessful, but think the bank are having you on, then take your claim to the Financial Ombudsman Service, which is free.

Call them on 0300 123 9123 or go to the FoS site by clicking here. You can write to them too, via snail mail: The Financial Ombudsman Service , South Quay Plaza, 183 Marsh Wall, London, E14 9SR.

3 comments

jim

well i was signed up for PPI without my knowledge.
paid 40 per month for over 10 years.
tried to get it back they said no.
Was also signed up for additional life insurance as i was told it was required - it wasnt required.
30 quid a month for 10 years.
they said no
just in case people read all these "get your PPI back" and think it will be easy - it wont.
you probably wont get anything.

thank goodness there's a deadline - the spam telephone calls might stop at last! the terms and conditions for PPI were just daft - lose you job and you can't claim for 90 days, even if your claim succeeds it will only pay out for 9 months. i always opted out when I applied for any financial products. having said that, one credit card deducted 50p from my first bill once, they had opted me into PPI despite me ticking the box asking not to pay it. I do not think it'll be worth my while trying to claim the 50p back :-)